Investors have rejected a record number of executive compensation plans in non-binding votes of U.S.-listed companies this year, objecting to pay rises and the easing of performance targets in the wake of the COVID-19 pandemic, according to an analysis by consulting firm ISS Corporate Solutions.

Some companies have argued that protecting executive pay in a downturn is necessary to keep top managers incentivized, given the crucial role they play in steering their business. That idea has been increasingly met with skepticism from investors who say that the shifting of performance goalposts is unwarranted and demoralizes employees who are not shielded in the same way.

A record 14 S&P 500 companies had more than 50% of investors reject executive pay packages so far this year. That number is set to rise as more executives face votes in the coming weeks, according to ISS Corporate Solutions. Investors voted down a total of 12 CEO pay plans in 2020.